A reverse mortgage is the opposite of a traditional mortgage. With a traditional mortgage, you borrow money and make monthly principal and interest mortgage payments. With a reverse mortgage, however, you receive loan proceeds based on the value of your home, the age of the youngest borrower, and the interest rate of your loan. You do not make monthly principal and interest mortgage payments for as long as you live in, maintain your home in good condition, and pay property taxes and insurance. The loan must be repaid when you pass away, sell your home, or no longer live in the home as your primary residence.
- Home Equity Conversion Mortgage (HECM)
- A Home Equity Conversion Mortgage, or HECM, is the only reverse mortgage insured by the U.S. Federal Government, and is only available through an FHA-approved lender.
How Much Can Be Borrowed?
In general, the more your home is worth, the older you are, and the lower the interest rate, the more you will be able to borrow.
The maximum amount that can be borrowed on a particular loan program is based on these factors:
- The age of the youngest borrower at the time of the loan
- The appraised value of the home
- Current interest rates
We can serve Knoxville, TN, Nashville, TN, Chattanooga, TN, Johnson City, TN, Sevierville, TN, Pigeon Forge, TN, Maryville, TN and any city or town in the state of Tennessee. We can secure loans in 49 of 50 states. Allow us the opportunity to serve your Knoxville Reverse Mortgage needs.
If you will complete our form I will happily be in touch with you to see if we can help.